Time Warner said Tuesday it has reupped with chairman-CEO Jeff Bewkes, inking a five year contract extension that will keep him at the media giant through 2017. Stephen Bollenbach, the lead independent director on Time Warner's board called Bewkes "a proven visionary when it comes to navigating the digital landscape. Since becoming CEO in 2008 he has led the transformation of the company into a content-focused powerhouse while at the same time significantly increasing shareholder value." With the extension, Bewkes' base salary and bonus target will remain unchanged. The company said annual long-term incentive awards in the new contract are tied directly and solely to future financial and shareholder returns. Bewkes earned $25.9 million in 2011, including $2 million in salary and a bonus of $13.5 million. "I appreciate (the board's) confidence in me and in the strategy we have formulated to drive the company's growth," Bewkes said. "With Time Warner's exceptional management team we have created some of the most compelling content in the world, we have led the way in developing new business models that capitalize on emerging consumer trends, we've expanded our reach internationally and we've improved the operating and the capital efficiency of the company. I'm even more confident about what we'll achieve over the next five years." Bewkes was named prexy-CEO in 2008 and was upped to the chairman post in 2009. He ran the powerhouse HBO division from 1995 until 2002, when he was drafted amid the post-AOL merger chaos to corporate exec ranks as chairman of Time Warner's entertainment and networks group and then as prexy and COO.